U.S. Treasury Secretary Janet Yellen has indicated that the United States is considering imposing sanctions on certain Chinese banks, potentially cutting them off from the global financial system. This stance aligns with her broader policy that currency intervention should only occur in rare and exceptional circumstances. The consideration of sanctions comes amid efforts by countries like Japan, South Korea, and Turkey to manage a strong U.S. dollar exchange rate. Yellen emphasized that such measures would be taken if necessary, although she also stated that there are no imminent sanctions planned specifically for Chinese banks' involvement in Russian trade. This statement comes as Secretary Blinken is in China, urging fair play.
No imminent US sanctions on Chinese banks for Russia trade: Yellen https://t.co/DJyCvL4fRo
Probably not the best idea US Treasury Secretary Yellen: We would be prepared to use authority to sanction Chinese banks if necessary.
🚨🇺🇸🇨🇳BREAKING: US PREPARED TO SANCTION CHINESE BANKS? US Treasury Sec. Yellen: "We would be prepared to use authority to sanction Chinese banks if necessary." This statement comes as Sec. Blinken is chilling in China and begging them to "play fair." Source: Asia Financial https://t.co/PDZ98okHZ5
🔴 US TREASURY SECRETARY YELLEN: WE WOULD BE PREPARED TO USE AUTHORITY TO SANCTION CHINESE BANKS IF NECESSARY.
YELLEN: WE WOULD BE PREPARED TO USE AUTHORITY TO SANCTION CHINESE BANKS IF NECESSARY
⚠️ YELLEN: WE WOULD BE PREPARED TO USE AUTHORITY TO SANCTION CHINESE BANKS IF NECESSARY
Yellen said currency interventions are only acceptable in "rare" circumstances Japan, South Korea, Turkey and others are trying to cope with a US dollar fx-rate that's strong right now https://t.co/KENrXnFm9X
YELLEN: MY POSITION HAS BEEN THAT CURRENCY INTERVENTION IS ACCEPTABLE ONLY IN VERY RARE AND EXCEPTIONAL CIRCUMSTANCES
BREAKING NEWS THE UNITED STATES IS DRAFTING SANCTIONS THAT THREATEN TO CUT SOME CHINESE BANKS OFF FROM THE GLOBAL FINANCIAL SYSTEM Here we go…